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TL;DR
- Trump’s meme coin, TRUMP, has been accepted by several online retailers and Travala, expanding its use beyond speculation.
- The coin’s price surged past $70, but has since dropped 64% to around $26, with critics like Balaji Srinivasan and Mark Cuban questioning its legitimacy.
TRUMP Receives Further Support
Donald Trump made huge waves in the crypto world by launching his own meme coin, TRUMP. The token saw the light of day on January 18.
According to a recent Bloomberg report, several online retailers selling Trump-themed merchandise have accepted the asset as a payment method. Those include GetTrumpWatches.com, GetTrumpFragrances.com, and GetTrumpSneakers.com. Prior to that, Travala, a blockchain-based travel booking platform, also embraced TRUMP.
TRUMP Price Outlook
The meme coin experienced a spectacular price explosion mere hours after going live. Its price exceeded $70, while its market capitalization surged past $14.5 billion. Thus, it briefly surpassed Shiba Inu (SHIB) to become the second-biggest meme coin. In addition, the price explosion allowed savvy traders to make multi-million profits overnight due to entering and eventually exiting the ecosystem at the right time.
However, since Trump’s inauguration, the token has been in serious decline. It currently trades at around $26 (per CoinGecko’s data), representing a 64% decline from the peak. The market cap has fallen below $5.5 billion, making TRUMP the third-largest in the meme coin niche with a slight lead over Pepe (PEPE).
CRITICISM
While many industry participants believe it could enter a new bull run soon, others have criticized its existence. Balaji Srinivasan (the former CTO of Coinbase) claimed that such assets only damage the reputation of the industry instead of legitimizing it. Mark Cuban shared a similar thesis, arguing that the introduction of Trump’s meme coin is nothing but harmful to the cryptocurrency sector.
Conclusion
TRUMP, a meme coin launched by Donald Trump, has seen significant adoption and price fluctuations since its release. While some have criticized its legitimacy, others believe it could enter a new bull run soon. As the market continues to evolve, it will be interesting to see how TRUMP performs in the long term.
FAQs
Q: What is TRUMP, the meme coin?
A: TRUMP is a meme coin launched by Donald Trump, allowing users to buy and sell digital assets.
Q: When was TRUMP launched?
A: TRUMP was launched on January 18.
Q: What are the current prices of TRUMP?
A: As of now, TRUMP trades at around $26, representing a 64% decline from its peak.
Q: Who has criticized TRUMP’s legitimacy?
A: Balaji Srinivasan, the former CTO of Coinbase, and Mark Cuban, an American billionaire, have criticized TRUMP’s legitimacy.
Q: What is the current market capitalization of TRUMP?
A: The market capitalization of TRUMP has fallen below $5.5 billion.
